There are two major sellers in Las Vegas. Banks and flippers. Both are loathe to give the buyer a Sellers Real Property Disclosure. Both usually require a notarized waiver of that form along with all buyer rights under Nevada Revised Statutes (NRS) 113. Nor do they know or care about utility costs, so the Nevada Energy Form must usually be waived as well. Also, in preparing the home to sell, they tend to literally paper, paint and caulk over structural problems and code violations that might bite the buyer later on. This makes your home inspector a very important part of the team.
I mention this because, in the ten deals I have closed or have ready to close so far in 2011, three buyers previously passed on houses that we had gotten into contract because major problems with the house were subsequently discovered by our home inspectors. That is 30% and that is a substantial number.
One house involved a poor roof design that left unvented chambers under the roof. These held moisture even in Las Vegas' low humidity and had caused the roof to sag and leak.
The other two involved unpermitted shoddy construction that could later create problems with a city government looking for fees wherever it can find them. Both of these also included water damage because the construction code had not been followed. We passed on the houses but somebody out there bought them!
Stay alert ... and good hunting.
Friday, July 8, 2011
Subscribe to:
Posts (Atom)